Hanjin reduces losses in 1H

   The South Korean container line Hanjin Shipping said Thursday it lost $147.1 million from operations in the first half, a 17.2 percent reduction on the losses it sustained in the same period in 2011.
   First-half Liner revenue increased 11 percent year-on-year to $3.6 billion. Container volume rose 6.5 percent to nearly 2.2 million TEUs. The carrier’s liner business turned profitable in the second quarter, securing $60.6 million in operating profits, compared to a roughly $160 million loss in the corresponding period in 2011.
   At the group level, Hanjin’s operating profits fell by 23.1 percent to $126.3 millon, while revenue rose 9.2 percent to nearly $4.5 billion.
   The carrier saw revenue from its smaller bulk division decline 5 percent and operating profits fall by about a third.
   “The container division’s profitability was improved through active rate recovery efforts on the transpacific and Asia-Europe trade lanes and lane rationalization efforts like space reduction on non-profitable lanes,” Hanjin said in a statement. “(Third quarter) container transport volume is forecasted to rise as the container shipping sector enters into traditional peak season, and we will make every effort to maximize profitability through additional rate increase plans on main trade lanes and various cost saving programs.” – Eric Johnson